Economic Impact Payments – Additional Information

Financial Tid-Bits,Tax

The IRS is providing more details about the cash payments the government is making to ease the economic impact of the coronavirus (COVID-19). The tax agency announced that it will send letters to recipients about the payment within 15 days after the payments are made. For security reasons, the IRS explained that it plans to mail a letter to a recipient’s last known address. The letter will provide information on how the payment was made (for example, in a specific bank account) and how to report any failure to receive the payment. The cash payments are being made to eligible people under a certain adjusted gross income threshold. For more information:

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